Recently, on-chain data for Ethereum has shown significant changes that warrant the attention of market participants.

From the comparison of outflow and inflow trends, the previously congested exit has now stabilized, while the inflow of funds has become more active. This shift is the first time such a phenomenon has occurred since the second half of 2025.

A more intuitive data point is that the current waiting inflow of Ethereum has reached 740,000 ETH, which is more than twice the amount waiting to exit. This magnitude of difference indicates a changing market sentiment.

Signals at the institutional level are also very clear. Large players like BitMine have begun building positions in Ethereum, with investment scales reaching the billion-dollar level. Based on their operational pace, this does not appear to be short-term trading behavior but rather a medium- to long-term strategic layout.

Technical improvements are also sending positive signals. Pectra's upgrade optimized the operational efficiency of validation nodes, lowering the technical barriers for large-scale fund entry, which is a positive development for institutional inflows.

Additionally, the high leverage risks that previously troubled the market have been largely absorbed, significantly reducing the risk of chain reactions of liquidations. Against this backdrop, market selling pressure has noticeably eased.

These factors combined—do they imply that a new growth cycle is brewing? It’s still difficult to confirm at this stage, but the occurrence of multiple signals pointing in the same direction is indeed uncommon.